Harvey Capital Management Inc. Invests $1.23 Million in International Seaways Inc. $INSW

Harvey Capital Management Inc. purchased a new stake in International Seaways Inc. (NYSE:INSW) during the 2nd quarter, HoldingsChannel reports. The fund purchased 16,080 shares of the transportation company’s stock, valued at approximately $1,232,000.

Several other institutional investors have also bought and sold shares of the stock. Public Employees Retirement System of Ohio acquired a new position in International Seaways during the second quarter worth $66,000. Palo Duro Investment Partners LP acquired a new stake in shares of International Seaways in the 2nd quarter valued at $253,000. Bank of America Corp DE acquired a new stake in shares of International Seaways in the 2nd quarter valued at $11,833,000. Freestone Grove Partners LP bought a new stake in shares of International Seaways in the 2nd quarter worth about $1,086,000. Finally, Odyssean LLC bought a new stake in shares of International Seaways in the 2nd quarter worth about $271,000. Institutional investors and hedge funds own 67.29% of the company’s stock.

Insider Activity

In other International Seaways news, CFO Jeffrey Pribor sold 1,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $81.68, for a total value of $81,680.00. Following the completion of the transaction, the chief financial officer directly owned 101,984 shares of the company’s stock, valued at approximately $8,330,053.12. The trade was a 0.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Lois K. Zabrocky sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $98.44, for a total transaction of $196,880.00. Following the transaction, the chief executive officer owned 173,745 shares in the company, valued at $17,103,457.80. The trade was a 1.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 5,000 shares of company stock valued at $441,240 in the last 90 days. Corporate insiders own 1.70% of the company’s stock.

International Seaways Price Performance

International Seaways stock opened at $99.59 on Friday. The business’s fifty day moving average is $90.25 and its two-hundred day moving average is $81.03. The company has a debt-to-equity ratio of 0.27, a quick ratio of 5.76 and a current ratio of 5.94. The firm has a market cap of $4.93 billion, a P/E ratio of 6.37 and a beta of -0.13. International Seaways Inc. has a 52 week low of $42.26 and a 52 week high of $102.36.

International Seaways (NYSE:INSW) last announced its earnings results on Monday, August 10th. The transportation company reported $5.91 earnings per share for the quarter, beating analysts’ consensus estimates of $5.55 by $0.36. International Seaways had a return on equity of 31.75% and a net margin of 61.98%.The company had revenue of $467.29 million during the quarter, compared to analyst estimates of $406.38 million. During the same period last year, the company posted $1.02 earnings per share. The firm’s quarterly revenue was up 138.9% compared to the same quarter last year. Equities research analysts forecast that International Seaways Inc. will post 15.89 earnings per share for the current fiscal year.

International Seaways Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be given a $5.05 dividend. This represents a $20.20 annualized dividend and a yield of 20.3%. The ex-dividend date is Thursday, September 10th. This is a boost from International Seaways’s previous quarterly dividend of $0.12. International Seaways’s dividend payout ratio is 3.07%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on INSW. Pareto Securities downgraded shares of International Seaways from a “buy” rating to a “hold” rating in a report on Monday, May 18th. Jefferies Financial Group upped their price objective on shares of International Seaways from $100.00 to $108.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. BTIG Research raised their price objective on shares of International Seaways from $90.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of International Seaways in a report on Friday, August 7th. Finally, Zacks Research cut shares of International Seaways from a “strong-buy” rating to a “hold” rating in a research note on Monday. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, International Seaways currently has an average rating of “Moderate Buy” and a consensus target price of $88.00.

International Seaways Company Profile

International Seaways, Inc (NYSE: INSW) is an independent tanker company that provides seaborne transportation services to oil companies, commodity traders and national oil companies. The firm’s operations focus on the carriage of crude oil and refined petroleum products, offering both time­ charter and voyage­ charter arrangements. With a modern fleet of very large crude carriers (VLCCs), Suezmax and Aframax tankers, as well as medium range (MR) and Handy product tankers, International Seaways supports global energy supply chains across major trade routes.

Founded in 1997 as Diamond S Shipping, the company completed its initial public offering in the late 1990s and rebranded to International Seaways in September 2018.